Stablecoins From Non-Bank Issuers Won’t Create Money, AMRO Chief Economist Says; PBoC Warns of Money Laundering and Fraud Risks

AMRO’s Chief Economist He Dong notes that stablecoins issued by non-bank issuers lack the capacity to expand the money supply and offer limited support to the real economy, signaling that long‑term mainstream adoption in the currency market remains unlikely.

Meanwhile, the People’s Bank of China flagged that stablecoins carry AML (anti-money laundering) challenges and fraud risks, underscoring the need for stricter regulatory oversight.

Globally, authorities are examining digital currencies as a payment instrument, with central banks, banks, and non-bank financial institutions piloting new payment tools to enhance transaction efficiency and risk controls.